Why is Ethereum (ETH) price up today?
Ethereum’s native token, Ether (ETH), has risen by 5.75% in the last 24 hours to reach around $3,640 on Nov. 28. The second-largest cryptocurrency has outperformed the crypto market’s gains, which has jumped 2.82% in the same period.
ETH/USD four-hour price chart. Source: TradingView/Cointelegraph
Bitwise files for 10 Crypto Index Fund ETF, including Ether
Ether’s recent rally can be attributed to heightened investor optimism surrounding Bitwise Asset Management’s recent exchange-traded fund (ETF) application.
Notably, the firm filed with the US Securities and Exchange Commission (SEC) to launch an ETF based on its existing 10 Crypto Index Fund. This fund, initiated in November 2017, predominantly comprises Bitcoin (75.14%) and Ether (16.42%), with the remaining assets allocated across cryptocurrencies like Solana (SOL), XRP (XRP), and Cardano (ADA).
Most cryptocurrencies included in the proposed ETF have surged in the past 24 hours, reflecting growing market speculation and optimism surrounding the investment product’s potential approval.
ETH/USD versus BTC/USD, XRP/USD, ADA/USD, and SOL/USD one-month performance. Source: TradingView
Ethereum open interest hits record high
Ether’s price rise accompanies a strong jump in its futures market’s open interest (OI). As of Nov. 28, the OI had reached over $24 billion, the highest in history, after jumping by more than $4 billion in the last 24 hours.
Ether’s weekly funding rates have been positive since October, around 0.53% as of Nov. 2.
ETH Futures OI, Funding Rates. Source: CoinGlass
The combination of record-high OI and sustained positive funding rates creates a feedback loop: bullish sentiment drives increased market participation, which, in turn, fuels price gains.
Additionally, these developments may reflect broader confidence in Ethereum’s ecosystem and its prospects, further supporting the rally.
Ether eyes 10% price rise by December
Ethereum’s price rally today is further driven by strong technical support and a bullish chart pattern breakout.
The cryptocurrency has rebounded from its 50-period exponential moving average (EMA) on the four-hour chart, a critical level that has consistently supported during its recent uptrend.
ETH/USD four-hour price chart. Source: TradingView
Additionally, Ether has entered the breakout stage of its prevailing cup-and-handle pattern, a classic bullish continuation structure. The pattern formed over several weeks, with the breakout occurring as the price surged above the $3,440 neckline level.
The cup-and-handle breakout typically projects a measured move equal to the depth of the cup, putting Ether’s upside target near $3,940.
In other words, Ether price could rise by over 10% in December.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Ethereum’s native token, Ether (ETH), has risen by 5.75% in the last 24 hours to reach around $3,640 on Nov. 28. In doing so, the second-largest cryptocurrency has outperformed the crypto market’s gains, which has jumped 2.82% in the same period.
ETH/USD four-hour price chart. Source: TradingView
Related: Grayscale completes reverse share splits of Bitcoin and Ether ETFs
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
